- Silverlake Axis (SGX:5CP)’s 1QFY24 (Jul to Sep 2023) core net profit was S$48.9m (+35% q-o-q, -15% y-o-y), in line with our estimates (26% of our FY24F forecast), but 7% above Bloomberg consensus’ (27% of FY24F forecasts).
1QFY24 net profit in line with our expectations
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- On balance, 1QFY24 operating profit was 21% weaker y-o-y due to the absence of one large software licencing contract recognised in 1QFY23 and a higher opex run-rate (for FY24F) as Silverlake Axis implements its contract wins clinched over the past year.
Robust order wins to fuel sequential revenue growth
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- With its secured order backlog and current pace of revenue recognition, given its progressive project implementation (from previous contract wins), Silverlake Axis is fairly confident of FY24F revenue coming up close to the RM765m recorded in FY23.
- Deal closures from its robust pipeline should give Silverlake Axis the boost towards exceeding its ~RM800m target in total revenues in FY24F, in our view.
Multi-product approach with on-premise & cloud-based solutions
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